Insulet (PODD): Field Checks Indicate Longer Term Upside - Piper Jaffray
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Piper Jaffray analyst, Brooks West, reiterated his Overweight rating on shares of Insulet Corporation (NASDAQ: PODD) after the analyst attended the American Association of Diabetes Educators (AADE) annual meeting over the weekend where he spoke with members of the diabetes technology industry, certified diabetes educators (CDEs) and patients with type I diabetes.
The analyst's checks on PODD indicate continued strength for the core OmniPod business as patients, educators and even direct competitors have not only noticed a meaningful uptick in product quality (significantly improved out-of-box failure rates which, in contrast, were as high as ~30% under prior management) as well as discernible improvements in the company’s end-to-end operations.
Coming off a strong 2Q print he sees upside to longer term estimates from both a share gain/new patient add perspective both in the US and abroad, in addition to a steady decline in the OmniPod attrition rates (currently ~9%).
No change to the price target of $52.
Shares of Insulet Corporation closed at $44.50 yesterday.
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Related EntitiesPiper Jaffray, Brooks West
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